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President Dissanayake Dissolves Parliament, Calls for Elections

President Dissanayake Dissolves Parliament, Calls for Elections

President Anura Kumara Dissanayake has made a significant move in Sri Lanka’s politics by dissolving Parliament. This major step is in readiness for a snap election, abiding by the Constitutional procedure. It reflects President Dissanayake’s intent to reshape government policies to match his vision, following his election win.

President Dissanayake Dissolves Parliament, Calls for November Elections

Under Dissanayake’s lead, the National People’s Power (NPP) held just three seats in the previous 225-member assembly. Yet, this bold move sets the foundation for transforming the legislature. The Election announcement for November 14th aligns with the people’s hopes and comes almost a year ahead of the usual schedule.

Sri Lanka is currently facing tough economic hurdles, a continuation of the 2022 economic slump. Amidst this, the NPP has been vocal about fighting corruption and poverty. This push grew stronger after Dissanayake’s support surged from 3% in 2019 to winning the next election, showing his commitment to strengthening Sri Lanka’s governance. This is crucial for managing the adjustments needed for a vital IMF bailout package.

President Dissanayake’s Bold Move: Dissolving Parliament

Sri Lanka’s new president, Anura Kumara Dissanayake, made a bold move. He dissolved the government. This marks a big moment in Sri Lanka’s politics. It shows he’s serious about his campaign promises for a transparent and reformed government.

President Dissanayake signing Government dissolution documents

Dissanayake leads the National People’s Power alliance. His goal is a new election that reflects the current issues. This action isn’t just symbolic. It aligns with the public’s demands, shown by his win in the election.

A Sudden Parliamentary Decision and Its Background

Dissanayake won the presidency unexpectedly, without a clear majority at first. A second count confirmed his win. His victory in the 2024 elections was a huge leap from a small vote share in 2019. People appreciate his firm stand against corruption.

Implications for Sri Lanka’s Political Landscape

The government’s dissolution is a turning point for Sri Lanka. Snap elections are coming. These elections could change the political scene a lot. Before, the National People’s Power had few seats. The new elections can create a parliament that reflects current public desires.

This change brings hope for not just political reform but economic growth too. A World Bank report expects a 4.4% growth for Sri Lanka in 2024. Development in industry and tourism could boost the economy.

The result of this political shift aims to create a government that truly represents the people. This will shape Sri Lanka’s future political and economic paths in the years ahead.

The Anticipated Impact of the November Election

As the November election date draws near, Sri Lanka is at a crucial point. This concerns its economic and political future. The outcome of the elections is expected to have a big impact. This impact concerns both Sri Lanka’s economy and key policy reforms. These reforms are influenced by the IMF bailout terms and the governance style of the new government.

The decision to dissolve Parliament and set an election timetable is a major political update. It could change the administration’s setup. The IMF’s recent agreement to provide $2.9 billion to Sri Lanka highlights the need for urgent reforms and fiscal stability. The upcoming elections are expected to drive these reforms.

Sri Lanka’s Economy and the IMF Bailout Overhaul

Sri Lanka’s economic situation is critical, with huge foreign debts and a great need for IMF help. After the elections, it will be very important for the government to stick to the IMF bailout terms. This includes debt restructuring and systemic reforms for economic stability. Changes in policy after the November election date could alter the bailout terms. This would affect recovery paths and international economic relationships.

Prospects for Anti-Corruption and Anti-Poverty Policies

The upcoming election is key for anti-corruption policies and anti-poverty policies. The public’s desire for clean governance has made these policies very important. Proper management of these issues could greatly gain public trust and support. This could lead to a government that values transparency and fair growth.

Policy Focus Pre-Election Post-Election Forecast
Economic Stabilization High Dependency on IMF Aid Increased Self-sufficiency
Anti-Corruption Measures Initial Frameworks Set Strengthening of Institutional Mechanisms
Poverty Reduction Limited Social Programs Expansion of Social Safety Nets

This election is crucial for both the immediate economic recovery and the long-term welfare of the nation. As Sri Lanka goes through these significant changes, the whole world is watching. The November elections could mark a significant shift for this South Asian country.

Conclusion

In the landscape of Sri Lanka politics, President Dissanayake’s decision to dissolve parliament is key. This move leads to an election on November 14, 2024. Over 17 million voters are set to cast their votes. The world will watch as Sri Lanka tackles this pivotal moment amidst economic hardships. The nation’s efforts to meet IMF’s fiscal conditions are crucial for growth.

The race for 225 seats in Parliament is filled with anticipation. To gain a majority, a party needs at least 113 seats. With only three seats, the governing party faces a tough challenge. This comes after Harini Amarasuriya became the first female prime minister in decades. Her election is significant, mirroring the era of Sirimavo Bandaranaike. Additionally, steps like lowering policy rates show efforts to boost the economy without harsh austerity.

President Dissanayake’s call for November elections starts a journey to tackle corruption and poverty. With the election date near, there’s a push for effective governance. The next parliament meets on November 21, 2024. They face challenges like debt renegotiation and following IMF’s advice. The upcoming elections are watched globally, offering a chance for Sri Lanka’s recovery and political renewal.

Sri Lanka’s Rupee Closes Stronger at 293.00/20 to the Dollar

Sri Lanka’s Rupee Closes Stronger at 293.00/20 to the Dollar

The Sri Lankan Rupee showed new strength on Wednesday. It closed at 293.00/20 against the US Dollar, up from 293.50/60. This change signals a positive shift in the currency exchange rate.

The forex market performance matches the nation’s ongoing economic recovery efforts. Bond yields stayed steady amid the Rupee appreciation. A bond due 15.12.2026 closed at 10.60/80 percent.

Another bond maturing on 15.12.2027 closed at 11.45/60 percent. This stability in bonds highlights the improving health of the Sri Lankan economy.

Sri Lanka's Rupee Closes Stronger at 293.00/20 to the Dollar

The Rupee’s rise matches a drop in the central bank’s bill stock. As the exchange rate grows, importers may benefit from better rates. This could boost trade and business in the nation.

The Rupee’s growth and steady bond yields paint a good picture. They show Sri Lanka’s economic prospects are improving. The currency’s strength proves that financial measures are working.

Recent Rupee Performance Against the US Dollar

The Sri Lankan rupee is getting stronger against the US dollar. On Thursday, it was 292.80/85 against the dollar, up from 293.00/20 the day before. This shows more trust in the local currency.

Rupee Strengthens to 292.80/85 on Thursday

On Thursday, the rupee opened at 293.05/15 to the dollar. This was the same as Wednesday’s closing rate. The stable exchange rate helps businesses and investors.

The rupee’s rise to 292.80/85 during the day boosted confidence in the local currency. This stability is good for economic growth and investor trust.

Rupee Remains Stable at 293.05/15

The rupee’s steady performance is important to note. Its unchanged opening rate shows consistency. This stability helps maintain investor confidence and supports economic growth.

The dollar’s selling rate fell below Rs. 300 for the first time since June 8, 2023. It reached Rs. 299.35, with a buying rate of Rs. 290.30.

The rupee’s strength against the dollar is good news. It improves Sri Lanka’s economic outlook and ability to attract foreign investment.

Bond Yield Trends in Sri Lanka

Sri Lanka’s bond market shows interesting trends lately. Bond yields remain steady despite the rupee’s rise against the US dollar. Analysts are watching bonds closely to assess the economy and investment chances.

Bond Yields Remain Steady Amid Rupee Appreciation

On October 30, 2024, the January 15, 2027 bond was quoted at 10.79/83 percent. The March 15, 2028 bond recorded yields of 11.70/75. These numbers show a stable bond market as the rupee strengthens.

The rupee’s rise is due to increased foreign investment and a better economic outlook. This stability is noteworthy given the currency’s recent performance.

Treasury Bond Auction Impacts on Yields

The upcoming Treasury Bond auction will likely affect bond yields soon. The central bank plans to issue 95 billion rupees worth of bonds. This auction will reveal demand for government securities and market liquidity.

The auction’s outcome may influence the yield curve. This curve shows the link between bond yields and their maturities. It’s a key indicator for investors.

Investors and analysts will watch bond yields, auctions, and the rupee’s performance closely. Understanding these trends helps market participants make smart decisions. It allows them to navigate Sri Lanka’s bond market with more confidence.

Colombo Hosts International Film Festival Highlighting South Asian Cinema

Colombo Hosts International Film Festival Highlighting South Asian Cinema

Colombo, Sri Lanka, is set to host the SAARC Film Festival 2024. This event celebrates South Asian cinema’s rich heritage. The festival returns for its 10th edition after a brief pause due to the pandemic.

Colombo Hosts International Film Festival Highlighting South Asian Cinema

The SAARC Film Festival began in 2011. It has become a top platform for South Asian filmmakers to showcase their talents. The event features films screened between May 1, 2022, and April 30, 2024.

Colombo brings together filmmakers, critics, and enthusiasts from the SAARC region. The festival promotes cultural diversity in films and supports independent cinema. It provides a platform for sharing unique perspectives and stories.

Through this event, the film industry in South Asia continues to grow and develop. Filmmakers can engage in meaningful dialogue and exchange ideas. The festival contributes to the region’s cinematic landscape.

SAARC Film Festival 2024: Celebrating South Asian Cinema

The SAARC Film Festival returns in 2024, showcasing South Asia’s cinematic brilliance. This 10th edition will highlight the best of Sri Lankan cinema and regional film industries. After a pandemic-induced break, the event promises to be spectacular.

Sri Lanka hosts this prestigious festival, promoting cross-cultural collaborations among SAARC member states. The country’s vibrant film industry and rich culture make it an ideal setting. This event celebrates South Asian cinema’s diversity.

Objectives of the SAARC Film Festival

The SAARC Film Festival 2024 aims to achieve several key goals. It promotes mutual cultural heritage through film. The event creates opportunities for filmmakers to gain recognition.

  • Promoting mutual cultural heritage, norms, traditions, and stories through the visual medium of film
  • Creating opportunities for filmmakers to have their creations critiqued and recognized by an international panel
  • Providing a forum for exchanging ideas and knowledge-sharing among experts in the field

The festival features films from South Asia screened between May 1, 2022, and April 30, 2024. Directors and artists will join workshops to improve future productions. This fosters growth in regional film industries.

Sri Lanka’s rich history of movie events ensures an unforgettable experience. The SAARC Film Festival 2024 will celebrate storytelling and silver screen magic. It’s set to be a landmark event in South Asian cinema.

Diverse Film Categories and Nominations

The SAARC Film Festival 2024 honors South Asian cinema’s rich diversity. It showcases the region’s best films, from features to shorts, documentaries, and web-based productions. This event aims to highlight exceptional cinematic offerings from South Asia.

Feature Films, Short Films, Documentaries, and Web-based Films

The festival offers five distinct categories for nominations. Each member state can submit two feature films. Short films, documentaries, and web-based shorts have one nomination slot per country.

The Master Films category recognizes exceptional contributions to filmmaking. This non-felicitation category highlights outstanding work in the field.

The SAARC Film Festival 2024 draws inspiration from events like the Galle Film Festival in Sri Lanka. It aims to create a diverse program that celebrates cinema’s power to inspire change and foster cultural exchange.

Eligibility Criteria and Submission Guidelines

The festival has set clear eligibility criteria for nominated films. Each category has specific requirements for duration, screening period, and content. All films must be subtitled in English or be in English.

The organizers emphasize aligning with the event’s goal of promoting regional peace and harmony. Films that don’t adhere to this vision may be disqualified.

Filmmakers across South Asia are invited to submit their works. Their contributions will help celebrate diverse film categories and exceptional talent at the SAARC Film Festival 2024.

Colombo Hosts International Film Festival Highlighting South Asian Cinema

The SAARC Film Festival 2024 in Colombo showcases the rich diversity of South Asian cinema. It connects regional filmmakers, enabling them to collaborate and celebrate their work. Directors, producers, and actors can forge partnerships and explore co-productions at this unique event.

Workshops and Knowledge-Sharing Sessions

The SAARC Cultural Centre has organized workshops on various aspects of filmmaking. Industry professionals share expertise and discuss emerging trends in these sessions. Topics include scriptwriting, cinematography, editing, and film distribution.

Promoting Cultural Harmony through Cinema

The SAARC Film Festival aims to promote cultural harmony among South Asian nations. It showcases films exploring shared histories, social issues, and cultural traditions. The event builds bridges and strengthens connections between people through visual storytelling.

Enhancing Visual Arts in the Region

The festival stimulates growth in South Asia’s film industry. Filmmakers can explore collaborations and joint ventures through panel discussions and networking events. By combining resources and expertise, the region’s visual arts scene can flourish.

This approach creates compelling narratives that resonate with global audiences. It contributes to the development of a thriving film community in South Asia.

Conclusion

The SAARC Film Festival 2024 in Colombo, Sri Lanka, celebrates South Asian cinema’s diversity. It returns after a pandemic break, offering filmmakers a platform to showcase their work. The event fosters cultural exchange and collaboration across the region.

The festival features various film categories, including features, shorts, documentaries, and web-based films. It gives filmmakers a chance to network, attend workshops, and share knowledge. These opportunities contribute to the growth of the region’s film industry.

Hosting the festival in Colombo is significant for Sri Lanka’s rich cinematic history. The event can help revive the country’s film industry, which faces challenges. It brings together filmmakers from South Asia, promoting cultural harmony through cinema.

The SAARC Film Festival 2024 promises to be a vibrant celebration of regional talents. It highlights cinema’s role in cultural expression and collaboration. Through this event, Colombo and Sri Lanka show their dedication to nurturing filmmaking in South Asia.

Sri Lanka Reaches Deal with Creditor Nations Over Debt

Sri Lanka Reaches Deal with Creditor Nations Over Debt

Sri Lanka Reaches Deal with Creditor Nations Over $5.8 Billion Debt

On June 26, 2024, Sri Lanka took a big step toward fixing its economy. They made a key debt restructuring deal with their main lenders. This deal is key to solving the country’s huge economic crisis. It creates a way to manage finances better and solves issues of not being able to pay back debt. The $10 billion deal aims to fix debt issues and help Sri Lanka recover from financial lows. These issues caused a lack of foreign cash and led to stopping payments on some debts in April 2022.

The deal was made to find the right balance between responsibility and relief. It came after tough creditor negotiations. These talks opened the door for a $2.9 billion IMF bailout, a key moment for Sri Lanka. The deal follows the IMF’s advice on managing debt. It offers things like making the time to pay back loans longer and reducing interest rates. These steps show Sri Lanka’s commitment to serious fiscal reforms. This effort will help get financial support to make the economy stronger. It aims to lower public debt a lot and make financial needs easier to handle.

This restructuring is vital for getting more financial help and treating all lenders fairly. Official lenders are offering a massive 92% cut in debt payments during the IMF program. This huge saving in cash flow will allow for more spending on important public services.

Sri Lanka Reaches Deal with Creditor Nations Over $5.8 Billion Debt

Sri Lanka’s economic recovery takes a leap forward with a new debt deal. This deal marks a crucial step in aligning with the IMF program. It sets the stage for lasting financial health.

Overview of the Historic Debt Treatment Agreement

The deal addresses $5.8 billion of Sri Lanka’s debt. It’s the result of global financial cooperation. Countries like Japan, France, and India are helping by adjusting debt terms to aid Sri Lanka’s economic reforms.

Insights into Sri Lanka’s Economic Crisis and Need for Restructuring

The need for financial overhaul was driven by fiscal missteps and the pandemic. Sri Lanka faced a daunting $37 billion in foreign debt. Thanks to this deal, including better terms and reduced rates, the nation aims for a healthier debt-to-GDP ratio. This is key for stabilizing Sri Lanka’s economy.

Roles of the OCC and Exim Bank of China in the Deal

The Official Creditor Committee (OCC) and the Export-Import Bank of China played pivotal roles. China’s Exim Bank, dealing with $4 billion of the debt, helped tailor a sustainable path. These efforts ensure Sri Lanka’s recovery stays on track with debt treatment strategies.

Creditor Group Debt Amount (Billion USD) Key Features of Agreement
Official Creditor Committee (Japan, France, India) 5.9 Deferments to 2028, reduced interest rates
Export-Import Bank of China 4 Extension of maturity dates, improved terms
Commercial Creditors 14.73 28% reduction on principal, inclusion of Macro-Linked Bonds

This agreement is a big step for Sri Lanka’s commitment to the IMF. It’s a sign of progress in the global economy. Sri Lanka is working hard to secure its future.

The Path to Restoring Economic Stability in Sri Lanka

Sri Lanka is making big strides towards economic stability. The nation has struck crucial debt restructuring deals. This shows its dedication to fiscal responsibility and keeping strong international economic ties. President Wickremesinghe’s government secured a $3-billion deal with the IMF in March 2023. This opened the door for similar bold moves in finance. The country also agreed to restructure about $14.2 billion of its sovereign debt. Plus, a vital agreement for $5.8 billion with the Official Creditor Committee in June 2024 has raised hopes for financial recovery.

Thanks to these deals and tight financial controls, Sri Lanka’s state revenue jumped from 8% to 11% of the GDP. Inflation has also dramatically fallen, from 70% in September 2022 to 5.9% in February 2024. The country’s debt-to-GDP ratio is getting better as the economy is expected to grow this year. The boom in tourism and a big leap in worker remittances have revived the economy. Additionally, with gross official reserves now at $5.9 billion, we’re seeing real signs of recovery from the IMF bailout.

Still, Sri Lanka faces tough challenges ahead. Many families are struggling with higher living costs and reduced incomes since the crisis. But, the government is acting. It’s increasing taxes and using a hefty IMF bailout to boost relief programs. These efforts aim to cut Sri Lanka’s debt and inflation soon. These careful steps are reshaping Sri Lanka’s economy for steady stability and growth.

FAQ

What does Sri Lanka’s agreement with creditor nations entail?

Sri Lanka made a deal with its key lenders, like the Official Creditor Committee and Exim Bank of China. They’re restructuring .8 billion in debt. This move is crucial for Sri Lanka’s economic comeback and aims to make its foreign debts sustainable.

Why was debt restructuring necessary for Sri Lanka?

The country needed to restructure its debt due to an economic crunch. It had run out of foreign cash and paused some debt payments in April 2022. This led to a default, making it necessary to rethink its financial plan and get help.

How will the IMF bailout support Sri Lanka?

The IMF’s bailout will offer vital financial help. It’s linked to Sri Lanka making some big fiscal changes and restructuring its debt. This has to meet the IMF’s rules, making sure Sri Lanka’s debt levels stay manageable.

What are the benefits of the agreement with international lenders for Sri Lanka?

This agreement gives Sri Lanka a big break on its debt. It changes payment deadlines and lowers interest rates. During the IMF program, Sri Lanka will see up to 92% of its debt payments eased. This gives it room to spend on public services and helps stabilize its economy.

What roles did the Official Creditor Committee (OCC) and Exim Bank of China play in the deal?

The OCC and Exim Bank of China were key players in the restructuring talks. They agreed to help Sri Lanka by easing its debt payments. Their support is crucial in making sure Sri Lanka’s recovery efforts work smoothly.

What long-term economic stability measures is Sri Lanka implementing?

Sri Lanka plans to reduce its debt payments to less than 4.5% of its GDP from 2027 to 2032. The government is also raising more money and starting new projects. These steps aim to boost growth and make the economy more stable.

How will the debt deal impact future international economic relations for Sri Lanka?

By restructuring its debt successfully, Sri Lanka is showing the world it’s serious about fixing its finances. This could lead to better relationships with other countries. It might also attract more investments from abroad in the future.

Sri Lanka Participates in World Trade Expo 2024 in Mumbai

Sri Lanka Participates in World Trade Expo 2024 in Mumbai

Sri Lanka’s Consulate General in Mumbai is organizing the Sri Lanka Pavilion at the 5th World Trade Expo (WTE 2024). This international trade fair will take place on October 17-18, 2024. It aims to boost business opportunities and economic growth through global networking.

Sri Lanka Participates in World Trade Expo 2024 in Mumbai

WTE 2024 will gather over 30 countries, state governments, and trade bodies. The event will promote bilateral trade, investment, and education. Exhibitors will showcase an export potential of USD 31.8 billion for Indian businesses.

Key sectors include chemicals, pharmaceuticals, motor vehicles, and metal products. Engineering goods, agro, and allied sectors will also be featured. The expo focuses on trade, technology, tourism, and education.

Sri Lanka’s participation will highlight its diverse products and investment opportunities. This aligns with the country’s projected 4.4% economic growth in. The event provides a platform for businesses to explore new partnerships.

Key Takeaways

  • Sri Lanka to participate in the 5th World Trade Expo in Mumbai, India, from October 17-18, 2024
  • Over 30 countries will showcase untapped export potential of USD 31.8 billion for Indian businesses
  • Sectors highlighted include chemicals, pharmaceuticals, motor vehicles, metal products, engineering goods, and agro sectors
  • The event focuses on fostering trade, technology, tourism, and education collaborations
  • Sri Lanka aims to showcase its diverse products and investment opportunities to contribute to its projected 4.4% economic growth in 2024

Sri Lanka Pavilion Showcases Diverse Products and Opportunities

The Sri Lanka Pavilion at the World Trade Expo 2024 in Mumbai showcased the country’s finest products. It highlighted Sri Lanka’s potential for export promotion and investment prospects. The pavilion aimed to strengthen ties between Sri Lanka and India.

Ceylon Spices, Coconut Products, and Dehydrated Fruits on Display

Visitors enjoyed a sensory experience at the Sri Lanka Pavilion. They savored the aroma of Ceylon spices and tasted delicious coconut products. The display also featured vibrant dehydrated fruits.

  • Ceylon cinnamon, pepper, and cardamom
  • Coconut oil, coconut water, and desiccated coconut
  • Dehydrated mango, pineapple, and papaya
  • Ceylon tea

Ceylon spices export promotion

Four Sri Lankan Companies Introduce New Value-Added Products to Indian Market

Four innovative Sri Lankan companies showcased new value-added products for the Indian market. This move strengthened investment prospects and bilateral relations.

Company Product
Cinnamon Exports Ltd. Cinnamon-infused chocolate
Coconut Delights Pvt. Ltd. Coconut milk powder
Cocoa Innovations Cocoa butter lotion
Tropical Fruits Co. Dehydrated fruit and nut mix

These companies show Sri Lanka’s dedication to value addition and product diversification. They create exciting investment opportunities for Indian businesses. Sri Lanka aims to boost its exports and become a key global market player.

World Trade Expo 2024 Highlights Opportunities for Collaboration

Mumbai hosted the fifth World Trade Expo from October 17-18. The event promoted bilateral trade among 37 countries. It aimed to boost India’s trade with developing nations in Africa, Asia, and Latin America.

Over 100 exhibitors showcased trade and investment opportunities. The Expo focused on green energy and innovation. This aligns with India’s goal of net-zero carbon emissions by 2070.

Maharashtra plans to increase its solar power capacity significantly. By 2025, it aims to reach 12,930 MW from the current 5,080 MW.

World Trade Expo Focuses on Trade, Technology, Tourism, and Education

The Expo offered a platform for various sectors. These included trade, technology, tourism, and education. Participants explored untapped export potential worth USD 117 billion.

They engaged with 30 countries and regions at the event. This interaction opened doors for new business opportunities.

Region India’s Total Merchandise Trade India’s Exports India’s Imports
Participating Regions 28% 35% 24%

Over 30 Countries and Trade Bodies Facilitate Bilateral Engagement

Representatives from over 30 countries attended the Expo. Various trade bodies also participated. This gathering fostered cross-border collaborations and bilateral engagements.

India’s existing trade agreements provided a strong foundation. These agreements involve countries like Malaysia, Sri Lanka, and South Korea. ASEAN nations such as Indonesia, Vietnam, and Thailand were also included.

Platform for MSMEs, Women Entrepreneurs, and Startups to Explore Collaborations

The Expo offered opportunities for various business groups. MSMEs, women entrepreneurs, and startups explored potential partnerships. They connected with global counterparts and learned about technology transfers.

Emerging African economies presented promising business prospects. These included Ghana, Ethiopia, Kenya, Uganda, and South Africa. They offered opportunities in manufacturing, agriculture, and services.

The Expo aimed to foster cooperation in various fields. These included food security, energy, sustainable development, and space science. Digital economy, education, and skill development were also key focus areas.

Conclusion

The World Trade Expo 2024 in Mumbai ended successfully, fostering future collaboration between Sri Lanka and India. It provided a platform for networking and exploring new business opportunities. Participants established valuable connections across various sectors.

Sri Lankan companies displayed diverse products and services, catching Indian businesses’ attention. The expo revealed potential for bilateral trade and investment. Opportunities spanned industries like spices, coconut products, and dehydrated fruits.

Sri Lanka’s recovery from COVID-19 is aided by initiatives like the visa-free entry program. Enhanced air connectivity with countries like Pakistan will boost tourism and economic growth. The expo acted as a catalyst for partnerships and economic progress.

Sri Lankan businesses are now ready to use their new connections and opportunities. The event created a strong base for future collaborations. Economic ties between the two nations are set to grow significantly.